Today’s pullback is not fundamentally a "sudden turn to bearish," but rather a result of macro cooling + leveraged liquidations happening simultaneously: when external risks emerge, funds withdraw first; once the market breaks certain levels, chain liquidations amplify the decline, ultimately causing a market-wide waterfall decline.

At such times, the most important thing is not to guess the bottom, but to first reduce "losses": control leverage, manage positions, avoid chasing highs and selling lows, and treat transaction fees and slippage as the primary cost management. After the liquidation wave subsides, trading volume recovers, and key levels are stabilized, then discussing the trend will feel much more comfortable.